GlaxoSmithKline will not renew its 2007 sales engagement with contract sales firm PDI, TheStreet.com reported today.
PDI said that the Glaxo deal represents $65 million to $70 million in annual revenue and will expire as scheduled on Dec. 31.
PDI’s revenue for 2005 was $319 million, the report said.
“While we are disappointed with this decision, we are proud of the work we have done for GSK over the past three years and look forward to working with them again in the future,” PDI CEO Michael Marquardt said. “Our immediate priority is to develop other opportunities to redeploy our employees who comprise this sales team.”